Hariom Pipe Industries Limited (HPIL) has filed its draft crimson herring prospectus with SEBI for an preliminary public providing (IPO). The Hyderabad-headquartered firm’s IPO will probably be a recent situation of 85 lakh shares, the corporate stated in its IPO papers. There won’t be a suggestion on the market by current shareholders.
The firm will use the IPO cash to fund its capital expenditure, working capital necessities and for basic company functions.
Hariom Pipe Industries is a backward integration-focused firm because it produces all intermediate merchandise required for manufacturing its remaining merchandise, in-house. It has a various product combine, consisting of gentle metal (MS) billets, pipes and tubes, scorching rolled (HR) coils and scaffolding techniques.
The firm has a large distribution community throughout India, catering to housing, infrastructure, agriculture and engineering. It is planning to ascertain a brand new manufacturing plant in Sangareddy, Telangana with a complete estimated put in capability of 51,943 tonnes each year.
ITI Capital is the only real book-running lead supervisor to the Hariom Pipe situation.